Potential Budget Busters for First-Time Homebuyers
Planning to kick your rent payments to the curb and take the step toward homeownership? If so, you’re certainly headed down an exciting path.
Homeownership brings the opportunity to decorate, personalize, and modify your space to your heart’s desire. However, budgeting for a home goes beyond the down payments and extra funds for furniture and aesthetic changes. In fact, many of the larger expenses associated with homeownership go toward items or repairs you might not consider.
In honor of Homeownership Month, here are some expenses to keep in mind to avoid money troubles when purchasing your first home.
The cost of lawn care was probably incorporated into the rent you paid at your apartment. Although, without specific expenses listed on a bill, you may have never realized how much lawn maintenance really costs. The reality? Lawn care is expensive. Whether you decide to hire a professional lawn care company or plan to do your own yard work, there is a hefty amount when it comes to purchasing lawn mowers, leaf blowers, wheelbarrows, and more. Flowers and landscaping materials also come with a high price tag.
Moving to your own place means you can no longer pick up the phone and call maintenance every time something goes bust in your home – and it also means you must now foot the bill for repairs. While not all fixes come with a high price tag, brace yourself for the big-ticket items. These can include, but not limited to a new roof, new windows, new air conditioner, and new appliances. Kitchen renovation or a bathroom model can be a more fun use for your cash, but sometimes the “boring” expenses must be a priority.
Even if you prepare your budget for homeownership, there will be some unforeseen expenses that you may come across to. By keeping in mind of the expense categories listed above, you’ll at least have your budget on the right track when you become a homeowner. As a reminder – if you plan to reimagine your space, you can fund an improvement project with a Home Equity Line of Credit through UNCLE Credit Union. You can apply and check the loan status through our website under “Loans & Cards.”